Elon Musk’s recent remarks on law enforcement actions against Reddit users targeting Department of Government Efficiency (DOGE) employees have sent Dogecoin soaring by 5%.
On February 4, Musk responded to a Reddit Lies post from the Reddit account. The post exposed anonymous users allegedly threatening DOGE employees with violence, including calls for execution and doxxing. Musk reacted by sharing the post on his social media platform, captioning, “They [Reddit users] have broken the law.”
Shortly after, He posted an update featuring a statement from U.S. Attorney Edward R. Martin Jr., who confirmed an investigation into the threats.
“Our initial review of the evidence presented indicates that certain individuals and/or groups have committed acts that appear to violate the law in targeting DOGE employees. We are in contact with the FBI and other law enforcement partners to proceed rapidly. We also have our prosecutors preparing.”
Martin said. Musk reinforced this by commenting,
“Don’t mess with DOGE.”
The online buzz surrounding DOGE translated into a price hike for Dogecoin, the cryptocurrency tied to the program’s acronym. Dogecoin climbed over 5% in the last 24 hours, trading at $0.27. Despite this price surge, trading activity has slowed, with Dogecoin’s daily volume dropping by 43% to $6 billion. The token currently boasts a market cap of $40 billion and a circulating supply of 147 billion tokens, according to CoinMarketCap.
Notably, DOGE was established in November 2024 as part of a federal initiative aimed at streamlining government operations under the leadership of former President Donald Trump. The program’s name coincidentally aligns with Dogecoin’s ticker symbol and highlights Elon Musk’s ongoing connection to the popular cryptocurrency. Initially, Musk co-led DOGE with Vivek Ramaswamy, who stepped down from his position on January 21, 2025. The departure coincided with President Trump’s second inauguration, leaving Musk as the sole leader of the initiative aimed at reducing federal costs and improving efficiency.
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